Last split date: The last date on which a stock's share price changed to reflect a split in the security (division of shares).

Last trade: The price at which the last trade was executed; the closing price at the end of the trading period.

Last trade date and time: The date and time the security was last traded.

Life insurance: An insurance company contract that pays a beneficiary upon the death of the insured. Some life insurance policies provide a tax-deferred cash buildup (cash value) that can be accessed by the policy owner.

Limit order: An order to buy or sell a stated amount of a security at a specified price (the limit) or better. A limit order to buy would be at the limit price or lower and a limit order to sell would be at the limit price or higher.

Limited partnership: An organization made up of a general partner, who manages the partnership, and limited partners, who invest money but have limited liability to the organization's creditors.

Liquid: Investments that are easily converted into cash.

Liquidation: The conversion of assets into cash.

Liquid investment: An investment that can be easily converted to cash.

Liquid reserve: Personal savings that can be accessed immediately.

Load: The sales charge added to the purchase or sale price of some mutual funds and annuities.

Low: The lowest price a security or commodity reached in a specific period of time, usually a single trading session.

Long: Signifies the net ownership position in a particular security.